Did The Stock Market Just Crash?

[LaurieJim]

i thought i just heard something on the news, anyone know?

 

[LaurieJim]

Stocks in wild swings amid panic
President Bush says the government will act to 'resolve this crisis.' Markets around the world tank as fears persist. GE's results are in line with lowered forecast. Morgan Stanley plunges again.

Latest Market Update
October 10, 2008 -- 10:30 ET
[BRIEFING.COM] In volatile trading, the Dow and S&P 500 retreat back into the red, although losses are modest relative to recent action.

At session lows, the Dow, S&P 500 and Nasdaq traded with losses of 8.1%, 6.0% and 7.7%. President Bush continued to urge calm this morning, saying that "the United States government is acting, we will continue to act, to resolve this crisis."
Stocks were still falling, however, but well off earlier lows. At 10:50 a.m. ET, the Dow Jones Industrial Average was down 237 points to 8,342. The Nasdaq Composite Index was down 45 points to 1,600, and the Standard & Poor's 500 Index had shed 32 points to 877.
Traders on the floor of the New York Stock Exchange had erupted in cheers earlier this morning after stocks briefly turned positive from a hideous near-700-point plunge at the open of trading.

The CBOE Volatility Index ($VIX.X, news, msgs) hit an all-time high of 70.90 early in the session before pulling back to 68.06.

Light, sweet crude plunged $6.12 to $80.47 a barrel this morning.

"We have witnessed a startling drop in the stock market, much of it driven by uncertainty and fear," President Bush said at a press conference. "The plan we are executing is aggressive. It will take time to have its full impact. It is big enough to work.

"It's an anxious time. But the American people can be confident in their future," Bush said. "We all share a determination to solve this problem, and that is exactly what we are going to do." .............................. so its close but didnt crash, this is nothing like we have seen in our lifetime imo.........................laurie

 

[NASHVEGAS]

Stocks in wild swings amid panic
President Bush says the government will act to 'resolve this crisis.' Markets around the world tank as fears persist. GE's results are in line with lowered forecast. Morgan Stanley plunges again.

Latest Market Update
October 10, 2008 -- 10:30 ET
[BRIEFING.COM] In volatile trading, the Dow and S&P 500 retreat back into the red, although losses are modest relative to recent action.

At session lows, the Dow, S&P 500 and Nasdaq traded with losses of 8.1%, 6.0% and 7.7%. President Bush continued to urge calm this morning, saying that "the United States government is acting, we will continue to act, to resolve this crisis."
Stocks were still falling, however, but well off earlier lows. At 10:50 a.m. ET, the Dow Jones Industrial Average was down 237 points to 8,342. The Nasdaq Composite Index was down 45 points to 1,600, and the Standard & Poor's 500 Index had shed 32 points to 877.
Traders on the floor of the New York Stock Exchange had erupted in cheers earlier this morning after stocks briefly turned positive from a hideous near-700-point plunge at the open of trading.

The CBOE Volatility Index ($VIX.X, news, msgs) hit an all-time high of 70.90 early in the session before pulling back to 68.06.

Light, sweet crude plunged $6.12 to $80.47 a barrel this morning.

"We have witnessed a startling drop in the stock market, much of it driven by uncertainty and fear," President Bush said at a press conference. "The plan we are executing is aggressive. It will take time to have its full impact. It is big enough to work.

"It's an anxious time. But the American people can be confident in their future," Bush said. "We all share a determination to solve this problem, and that is exactly what we are going to do." .............................. so its close but didnt crash, this is nothing like we have seen in our lifetime imo.........................laurie

"Crash" is a figure of speech. The Dow, for example, is one index of 30 Blue Chip stocks but very rarely reflects the overall breadth of the entire market.

I guess "Crash" would be a relative term as all individuals, sectors, and in general the overall economy (including world) are effected differently. Some have lost everything, others may live too see better days but "Crash" definitely has an overall very negative connotation.

However, there are actually portfolios, funds with positive double digit returns during the market's recent freefall aka "Crash".....granted, this is rare and a very risky way of investing that mostly has been accomplished via short selling (which was actually prohibited for a few weeks until yesterday---->>>>more government intervention defying capitalism and free markets,fwiw), buying put options, and other hedging means.

Black Monday was not pretty during our lifetime,

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, and the cliche, "this time it is different" is generally always the one constant , you hear in "over exuberant" (Greenspan's word's) bull markets that have no downside and vice-versa for panic bear markets. That said, the cliche, "this time it is different" certainly may be applied to the uncharted waters I believe we are currently seeing but only time will determine long term if it was really "different" per se.

Many great sites on the web but if want to follow via your puter, I prefer

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[lots0]

Yup the market is going down the tubes (and I don't mean the Internet).

The market is down 282.44 as I write this and it has gone down every day sense Bush signed the rip-off bail out bill into law... I believe that so far the total market loss is about 25%... so far... with no bottom in sight.

And it is not just here in the USA it is world wide.

Banks seized in America, UK, South America, Europe, Australia and even Iceland ... Stock trading actually suspended in some countries like Russia, to prevent even more losses from occurring...

Like the title of another thread around here... "It is the end of the world as we know it..."

But I like the second line of the song better... "And I feel fine..."

 

[winbig]

Yup the market is going down the tubes (and I don't mean the Internet).

The market is down 282.44 as I write this and it has gone down every day sense Bush signed the rip-off bail out bill into law... I believe that so far the total market loss is about 25%... so far... with no bottom in sight.

And it is not just here in the USA it is world wide.

Banks seized in America, UK, South America, Europe, Australia and even Iceland ... Stock trading actually suspended in some countries like Russia, to prevent even more losses from occurring...

Like the title of another thread around here... "It is the end of the world as we know it..."

But I like the second line of the song better... "And I feel fine..."

Many experts are saying that the 'bottom' will be in the 6000 range. Who knows for sure? Nobody.. Chances are, it'll fall below 8,000 today.

btw, it's 316.37 and falling steadily...

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What starting date are you using for the 25% figure? The Dow was at 14,xxx a year from yesterday. CNN brought this up yesterday. So, if you go by those numbers, it's dropped an amazing 41% in the past year...

 

[lots0]

it's now -336.... no wait i just refreshed and it's -346... -379

Yup no Bottom in sight... I am soooo glad I took most all my money out of the market some time ago.

The only thing I still own are some Google (GOOG) shares... and I am still up by about 800% on those GOOG shares even with the current drop in the market...

 

[bryand]

LMAO at the apocalyptic predictions posted on this forum within the last several days.

I assume all of you doomsday experts have already withdrawn everything from securities and financial institutions, installed bars on all of your windows, have stockpiled weapons, annumition, potable water, canned goods and beer and have finished work on the bomb shelter

Of course not. You probably got up about the same time as unsual, ate about the same food and went to the same job making the same salary.

It's time for this proud American to leave the land of the drama kings and queens for a while and enjoy some awesome Georgia sunshine.

 

[NASHVEGAS]

it's now -336.... no wait i just refreshed and it's -346... -379

Yup no Bottom in sight... I am soooo glad I took most all my money out of the market some time ago.

The only thing I still own are some Google (GOOG) shares... and I am still up by about 800% on those GOOG shares even with the current drop in the market...

So you got some IPO shares I assume as they gapped up upon trading

Las Vegas Sands was trading @ $148 less than a year ago...About 10 days ago, Sheldon had to put almost ~ $475 million of his own money in LVS to meet certain lender compliance terms, LOL, and cash flow needs...the stock was at ~$33 when Sheldon lent the half a bill, y-day stock closed @ ~$13...highly leveraged, can't borrow, Macau Cotai strip ???, visa restrictions hurting Macau, overall Vegas casino market worse than the public knows (one reporter just went to get a better grasp and best summarized by stating, everytime he set foot out the door, the first cab in line was his) but LVS's casino goldmine was always Macau....will Sheldon keep feeding what appears to be a dead horse?............Who could borrow the money to buy on the cheap, if it is actually on the cheap...will Sheldon put the rest of his dwindling billions in?, or there is always the potential and need for another GOVERNMENT BAILOUT

 

[winbig]

it's now -336.... no wait i just refreshed and it's -346... -379

Yup no Bottom in sight... I am soooo glad I took most all my money out of the market some time ago.

The only thing I still own are some Google (GOOG) shares... and I am still up by about 800% on those GOOG shares even with the current drop in the market...

-554

 

[lots0]

So you got some IPO shares I assume as they gapped up upon trading

You got it... I bought as many Pre-IPO shares as google would allow and as one of the first in line, I got the the shares for a song... Far less than the IPO set price of $85... Best damn deal I ever lucked into.

 

[RobWin]

LMAO at the apocalyptic predictions posted on this forum within the last several days.

I assume all of you doomsday experts have already withdrawn everything from securities and financial institutions, installed bars on all of your windows, have stockpiled weapons, annumition, potable water, canned goods and beer and have finished work on the bomb shelter
Of course not. You probably got up about the same time as unsual, ate about the same food and went to the same job making the same salary.

It's time for this proud American to leave the land of the drama kings and queens for a while and enjoy some awesome Georgia sunshine.

Shit...I did that about five years ago when I build my underground house...

 

[GamTrak]

Hey you guys, I was just watching CNN and they had a guy on there with an idea to solve this financial problem that I wanted to run by ya.

I only had time to scribble a few notes, but the jist of it is instead of giving the banks that $700 billion we should totally by pass them and create a new financial system and create about 5 new banks that will split the money and start lending.

While I have not had time to think it through, the reason this 'sort' of make sence to me is because if we give the money to the banks to buy homes with the current over valued state then we lose and the banks win.

What bank in their right mind would lend any of the money right now? They are keeping it! What do you think?

I do not want the gov't owning more than they already do now.

BTW I see the DOW did a huge swing back just now.

 

[lots0]

Ya I see its up 157 and this close to closing, the rise might stick overnight... Maybe we have touched the bottom...

 

[GamTrak]

LMAO at the apocalyptic predictions posted on this forum within the last several days.

You don't see losing 8.6 TRILLION in one year, millions losing thier home and even more losing thier jobs every day as a sign of something going wrong? I'm not saying the world is coming to an end today, but how do you know that it won't be tomorrow? LOL Just kidding.

May I ask if you believe in the book of Revelation? I'm not going to do any religion (this politic stuff is more than I can handle right now), but I really would like to know what you think.

 

[GamTrak]

Ya I see its up 157 and this close to closing, the rise might stick overnight... Maybe we have touched the bottom...

I don't think so just yet. I'm no expert, but I see this rollercoaster going into next week.

People here and around the globe first has to see that there is a plan of attack that will actually work.